Torrid Holdings Inc 2025年度报告

TORRID Dear Torrid Stockholders, Fiscal 2025 was ayearthat testedourresilienceandrevealedthestrengththefoundation we have been building.We delivered s1.0billion in net sal$63.6 million in Adjusted EBITDA1,and closed the year with total liquiditys84.9million-resultsweareproudofgiventhesignificantheadwindsfaced. The sweeping tariff changes introduced in April, which the induscametoknowas LiberationDay,createdanapproximately50millioncimpactthatwemetthroughdisciplinedvendornegotiations,supplych:restructuring,and savings from our store optimization program.Theconditions also led us to strategically pause ourfootwear category for1majority of the year -a difficult but necessary decision that protedmargins and allowed us to re-source the business on more favorable ten Throughout all of it, we remained deeply disciplined on pricing - making only select, strateadjustments where necessary while protecting our customers from the full burden of the cienvironment.Maintaining their trust and the value they expect from Torrid was, and remains, nonegotiable. Alongsidetheseexternalchallenges,wecontinuedthedeliberateworkofrebuildingthreecoreplatforchannel,product,and pricing-thatnowformtheoperationalfoundationofourbusiness.Withtheplatforms in place,weenter2026 in a position of strength,focusedonthe nextchapter:acceleratcustomerfilegrowth. ChannelOptimization We completed a significant rationalization of our retail store fleet, closing the large majority of tstructurally unproductive locations we had identified.The remaining closures will be completed intfirst halfoffiscal 2026.What has beenmostencouragingis the customerretentionstory:ourmostloplatform,anddrivingdramaticallyimprovedfour-wallprofitabilityinourremainingfleet.Thestrengttouromnichannelecosystemhasbeenvalidated. Product Innovation&Sub-BrandStrategy Ourproductplatformisfundamentallystrongerentering2026.Werefocusedourassortmentonthecofranchises,fabrications,and silhouettes our customers lovemost-with an increasingly data-infomapproachtoplanning and buying.Dressesdelivered growth forfourconsecutivequarters.IntimatActivewear,andKnitTopsallgainedmeaningfulmomentum.AndFootwear,strategicallypausedandsourced,returnedinQ4toimmediateandenthusiasticcustomerresponse. Our sub-brand strategyis a proven and growing engine of thebusiness.All five sub-brands werelthroughout fiscal 2025, generating meaningful sales and, critically, attracting new customers whdeepening engagementwithourmostloyalshoppers.These lifestyle concepts deliverthenewnessmakingtheirgrowthmarginaccretive. 1Pleasereferto"Management's Discussion and Analysisof Financial Condition and Results ofOperations"of this2025 Annual Reportforfurther discussion regarding Adjusted EBITDA and a reconciliation of net (loss) income to Adjusted EBITDA. PricingPlatform&OpeningPricePoint OurOpeningPricePointstrategyhasbecomeacritical pillarof ourgo-forwardmodel.TheMostLoyon a disciplined product development and sourcing platform, this strategy is accretive to margins arepresents one of ourmostcompelling levers for customer reactivation and acquisition. 2026 StrategicPriority:Accelerating CustomerFile Growth? With our foundational platforms now optimized,the work of 2026 is growth. Our strategy is clear:engagethecustomerswhoknowand loveTorrid,welcomenewcustomersintoourbrand,anddeepthe loyalty of those already at the center of our community. Wewill pursuethisthroughmore intelligent,personalizedmarketing-meetingcustomerswheretiare,speakingtothemwithrelevance,andgivingthemcompellingreasonstoreturn.Ourloyaltyprograoursegmentationcapabilities,andthebreadthofourassortmentacrosspricepointsandsub-brandsworkin concerttomakethis possible.Weenter2026 witha sharpercommercialplan,strongeranalytiinfrastructure,andateam orientedaround a singlemission:growthe customerfile. LookingAhead Thetransformation ofthepasttwo yearshasbeennecessary,deliberate,andconsequential.Wehamade the hard choices - on our store fleet, our assortment, our pricing architecture-and we hicome throughthemwith a businessthatis betterstructured,morefocused,and more alignedwith wlourcustomervalues.Whatliesaheadistheworkofbuildingonthatfoundation:winningcustomedeepeningrelationships,andexpandingthereachofabrandthatgenuinelyservesacommunitythattbeen underserved by the industry fortoo long. The curvy woman deserves abrandthat sees her,understands her,and shows upfor herconsistenThat is what Torrid is built to be, and that conviction guides every decision we make. On behalf of Torrid's Board of Directors and our entire leadership team,I sincerely thank you for yccontinued support and trust.We remain fully committed to delivering on our strategy and createnduring valuefor all of our stakeholders. Sincerely, Lisa Harper, Chief Executive Officer 2Please referto"Forward-Looking Statements and Risk Factor Summary"and"PartIItem 1A.RiskFactorsof this2025 Annual Reportfor a description of the various risks and uncertainties that could cause our actual results to diffe